There have been many changes to Knoxville short sales over the past year. Fannie Mae and Freddie Mac announced changes to their short sale programs at the end of last year. And now, many lenders are making changes to their short sale programs as well, to make short sale quicker, more efficient, and easier. Recently, Chase announced changes to their short sale program. Here is a breakdown of those changes. Chase will now allow Knoxville homeowners to start a short sale even before there is an offer on their home. To get a Knoxville short sale started, contact a local Knoxville short sale agent. They will be able to get your paperwork started. In order to qualify, a Knoxville homeowner will have to be able show documented hardship. There are many reasons for hardship including: job loss, death of family member, medical bills, divorce, relocation, military service, mortgage payment increase, incarceration, among other things. Regardless of your hardship, you will need to be able prove your hardship through pay stubs, tax returns, medical bills, divorce papers, or whatever else can prove your case. Once you have submitted your short sale packet to Chase, they will recommend a price range for your home. The price will be based on a Broker's Price Opinion (BPO) of homes that have sold in you area. In some cases, it can be frustrating to have a lender be the to recommend the price for your home. However, it can be helpful to know what price they will accept. If for some reason they recommend to high of a price, an experience agent will know how to combat too high of a BPO. One you have received an offer on your Knoxville home, here is an estimated timeline for Chase short sales once there is an offer. -For FHA backed mortgages - 45-60 days. -Fannie Mae or Freddie Mac backed mortgages - 60 days. -USDA Loan - 60-75 days. -VA Loans - 60-75 Days In order to expedite your Chase short sale, you need to make sure your short sale package is complete when you send you package. In addition, it is important to make sure you get them any additional documents as soon as possible. Even without an offer, Chase will be able to start the short sale process and determine whether or not you are eligible for a short sale. Just like Chase, Wells Fargo and Bank of America also have similar short sale programs.< Are you thinking about doing a short sale on your Knoxville home? Please let me know if there is anyway my team can assist you, we specialize in helping Knoxville homeowner’s avoid foreclosure and help them understand what options they may have. You can reach us by phone at 865-696-9002 or via email at [email protected].